GW Pharmaceuticals Poised For New All-Time High Close On Appropriate Day
Joel Elconin is the co-host of Benzinga’s #PreMarket Prep, a daily trading idea radio show.
GW Pharmaceuticals (NASDAQ: GWPH) shares were up about $0.31 at $114.31 in Monday’s session. The issue, one of the only bright spots in the marijuana sector this year, is attempting to post an all-time closing high on a very appropriate day, April 20, better known as 4/20 in marijuana culture.
The issue, which leaped in one week from its April 9 close ($90.84) to $114 on April 16, on the heels of positive data regarding its blockbuster drug Epidiolex for the treatment of Epilepsy, has found a group of willing sellers in the $116 handle.
Related Link: Marijuana Stocks Not Very High On 4/20
After peaking on Friday at $116.42, it found sellers ahead of that level in Monday’s session at $116.14, before falling back under its all-time high close of $114.
So far, GW Pharmaceuticals has far outperformed the broad market for 2015, rallying from its December 31 close ($67.68) or 68 percent (based on $114), compared with the broad market’s return of 2 percent.
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